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JP Morgan to but majority stake in Volkswagen's payments business

Thursday 9 September 2021 11:54 CET | News

JP Morgan has struck a deal to buy a majority stake in Volkswagen's payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls.

The bank has agreed to buy close to 75% of Volkswagen Payments S.A. for an undisclosed sum, subject to regulatory approvals. Volkswagen's financial services division will retain a 25.1% stake in the payments business. The deal is expected to close in the first half of 2022.

JP Morgan said it plans to invest in and rebrand the payments business and expand its mobility-focused payments to other industries.


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Keywords: JP Morgan, acquisition
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech